The "Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The digital payment market size is expected to grow from USD 79,303 million in 2020 to USD 154,082 million by 2025, at a CAGR of 14.2% during the forecast period.
Major growth factors for the market include worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, an increase in eCommerce sales, and growth in internet penetration.
By deployment type, the cloud segment to grow at the highest CAGR during the forecast period
Several vendors in the market offer payment solutions through the public and private cloud. Cloud-based payment solutions are available in various subscriptions and pay-per-use models. These solutions empower businesses to invest in payment technologies according to their specific requirements. The cloud-based deployment of digital payment software is gaining traction among SMEs, as cloud-based deployment helps SMEs avoid upfront costs associated with hardware, software, storage, and technical staff.
By region, Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC is at the forefront to adopt digital payment solutions due to the increased smartphone penetration and internet connectivity in this region that provides digital payment solution providers with an opportunity to launch advanced digital payment services. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions. The adoption of digital payment solutions has helped bridge economic opportunities and drive financial inclusion in APAC. APAC consumers prefer equal measures of seamless and security in all aspects of their digital payment transactions. The growing retail market in the region has enabled global digital payment solution providers to focus more on this region for providing advanced solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the digital payment market.
Worldwide Initiatives for the Promotion of Digital Payments
High Proliferation of Smartphones Enabling mCommerce Growth
Increase in eCommerce Sales and Growth in Internet Penetration
Rise in the Adoption of Contactless Payments
Increase in the Adoption of Real-Time Payments
Evolving Customer Expectations
Lack of Global Standards for Cross-Border Payments
Rapid Decline in Unbanked Population Across the Globe
Gradual Adoption of Open-Banking Apis
Progressive Changes in Regulatory Frameworks
Evolving Cyber Attacks on Digital Payments
Fragmented Regional Regulatory Landscape
Lack of Digital Literacy in Emerging Countries
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201027005858/en/
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